The IRS allows you to calculate your tax bill using one of two tax accounting methods. The more common of the two methods for individual taxpayers is the cash method. However, most businesses prepare ...

The IRS has issued new guidance on automatic accounting method changes. Revenue Procedure 2009-39 provides certain additions, modifications and clarifications to Revenue Procedures 2008-52 and 97-27 ...

Accounting is the compilation of financial information for various purposes, such as managing a corporate budget, making informed decisions with regard to business operations and predicting future ...

James Chen, CMT is an expert trader, investment adviser, and global market strategist. David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, ...

On August 1, 2018, the Department of Treasury and the Internal Revenue Service (IRS) issued proposed regulations implementing section 965 of the Internal Revenue Code (Code) (referred to as the ...

Over the summer the IRS released some accounting for contracts tax tips, which provides a nice summary of questions we frequently get asked. What is an accounting method? Every taxpayer reports income ...

Accrual accounting is one of the primary accounting methods and is based on the matching principle, which dictates that revenues and their associated expenses be recorded in the same accounting period ...

In December 2011, the IRS issued long-awaited temporary regulations on the treatment of tangible property repairs. On Wednesday, it issued two revenue procedures detailing how taxpayers may obtain IRS ...

Forbes contributors publish independent expert analyses and insights. Leading writer and speaker in the area of trader tax benefits. Many crypto traders face massive tax bills for 2017. Which ...

1930s, and LIFO is permitted for both financial-reporting and tax purposes. But the run-up in oil prices, which leads to higher LIFO-related costs, is fueling debate within tax circles over its use.